Trump announces biggest oil deal in world history with Venezuela

The United States just locked down what President Trump is calling the largest oil agreement ever struck. Announced on August 28, the deal hands the US majority control over more than 65 billion barrels of proven oil reserves spread across 17 Venezuelan fields, roughly 25% of the country’s total reserves. To put that volume in perspective, 65 billion barrels is more than the entire proven reserves of Kuwait or the UAE. And the US didn’t buy them outright. Instead, it secured approximately 55% effective output through a new private joint venture, structured with 100-year concessions for field development. What the deal actually looks like The joint venture, once operational, would rank among the largest private oil companies on the planet by reserves alone. The yet-to-be-named operator is tied to Venezuelan businessman Alejandro Betancourt López, and the structure is designed so that US refineries and military operations receive Venezuelan crude at cost, with no direct expense to American taxpayers. Secretary of State Marco Rubio and Defense Secretary Pete Hegseth were central to the negotiations. The deal promises more than $100 billion in private investment flowing into Venezuela’...